Seven-story apartment tower planned for upper peninsula

Developers plan to build a seven-story apartment tower next to East Central Lofts on Charleston’s upper peninsula.

On the heels of the sale of the 72-unit East Central Lofts on peninsular Charleston, a much larger second phase of the apartment complex is in the works.

A firm called KBB 2015 LLC of Delaware wants to build a 264-unit, seven-story building on a 3.5-acre parcel at 601 Meeting St., adjacent to the current apartment structure that sold last month for $12.4 million.

The plans, reviewed Thursday by Charleston’s Technical Review Committee, call for a mixed-use, multifamily development of 216,267 square feet.

If approved, the top five floors would serve as housing above a two-level parking deck with 387 spaces.

About 16,000 square feet of retail space would face Huger and Meeting streets on the ground level. The 3,000-square-foot leasing office would sit on Huger Street.

The majority of units — 165 — would be one bedroom, according to the plans. Sixty-three two-bedroom units and 36 studio apartments round out the mix.

The parking entrance would be on Huger Street, beside the existing East Central Lofts building, but developers are trying to gain a second entrance from the state Department of Transportation off Meeting Street in the highway right of way under the Ravenel Bridge ramp heading to Mount Pleasant.

In a statement last week, Maryland-based Federal Capital Partners, a real estate investment firm and one of the new owners of the existing East Central Lofts, referred to the “adjoining development opportunity” for the new partnership but did not elaborate.

An official with Federal Capital did not respond to a call or an email for comment about the adjacent tract.

Other owners of the existing East Central Lofts include Kane Realty Corp. of Raleigh, Randolph Development of Charleston and Canongate Capital, an investment and asset management company in Charleston.

Walker Brock with Canongate said he wanted to confer with other partners before making any comments about the project.

Federal Capital and Canongate officials are also involved in the redevelopment of the nearby Cigar Factory on East Bay Street.

Plans for the apartment building still must be approved by a city design committee and the Board of Architectural Review.

Reach Warren L. Wise at 937-5524 or twitter.com/warrenlancewise.